Insurer To Pay $350M For Baltimore Bridge

May 6, 2024 | 0 Comments

Insurer Chubb will be paying $350 million in relation to the Baltimore bridge collapse, according to a report in Reuters.

The story said, “Chubb, opens new tab, which had insured Baltimore’s Francis Scott Key Bridge, is getting ready to pay $350 million to the state of Maryland, in what could be the first major payout tied to the collapsing of the bridge in March.

“The payment is expected to be authorized within weeks, a spokesperson for WTW, opens new tab, the broker for the bridge’s insurance policy, confirmed on Thursday. The payout is likely to be the first of many related to the disaster that analysts have said might cost insurers up to $4 billion, making it a record shipping insurance loss.”

Read the full story here on the Reuters website.

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